Maximum variable rate: 3.50% p.a.
Base interest rate: 3.50% p.a.
Minimum deposit: $0

Summary

Take the worry out of Christmas spending with an account that makes it easy to save up all year for it.

This account is designed to help cover your Christmas expenses. You pay no account or transaction fees and earn bonus interest if you don't spend any money in the account until November or December.

The downside is you can't access the money before then. And you could earn more interest somewhere else, if you have the discipline to avoid spending the money before the festive season.

Pros

Earn bonus interest for regularly saving
Prepare for Christmas
No monthly account keeping fees

Cons

Can only access during November and December

Details

Key details

Product Name	IMB Christmas Club
Maximum Variable Rate	3.50% p.a.
Standard Variable Rate	3.50% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Availability

This account is accessible to individuals who plan on using it for personal or domestic purposes. You may also use the account as a trust.

Account terms

This account can be activated as early as 1 January, and once open, you are not permitted to make any withdrawals from this account until the first day of November. If you do need to access your saved money the account will be closed and you will forfeit your interest payment.

Interest rate

The interest applied to this account is at a variable competitive rate.

Interest calculation and payment

Interest is calculated on the daily balance and will be deposited into the account on 31 October. This payment schedule disallows you from earning more in compound interest.

Monthly account keeping fee

There are no monthly charges made by IMB to your Christmas Club Account.

Transaction fees

All transaction fees are waived between the 1st of November and 31st of December.

Deposits

Deposits can be made for free into the account using phone and online transfers or by visiting a branch.

Withdrawal methods

During the two month holiday shopping period you can withdraw your Christmas Club balance at a branch, or with transfers made on the phone or online. There will be no charge to you for using any of these withdrawal methods during the specified time period.

How to apply

You can open an IMB Christmas Club Account online. If you'd like help, call IMB on 133 462 or visit a branch. Before you apply, check that you're eligible:

Eligibility

Minimum age. Membership applications are only accepted by individuals aged 18 and older.
Residency. You need to be an Australian resident.

Opening deposit. A minimum opening deposit of $0 is required to open the account.

What you'll need

Have these ready before you start your application:

Tax file number. You don't have to provide your tax file number (TFN) or an exemption, but if you don't, IMB may have to withhold tax from your interest at the highest marginal rate.
Identification. Have your ID handy so IMB can verify your identity electronically.

Once your account is open

You can set up a regular savings amount and manage your account in the IMB app. Leave your savings untouched until 1 November to earn interest, so the money's ready when it's time to shop for Christmas.

Compare other products from IMB

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. IMB Christmas Club information page
2. IMB Christmas Club TMD

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Alison Finder

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

IMB Christmas Club

Pros

Cons

Key features

Availability

Account terms

Interest rate

Interest calculation and payment

Monthly account keeping fee

Transaction fees

Deposits

Withdrawal methods

How to apply

Eligibility

What you'll need

Once your account is open

Compare other products from IMB

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